You have hit this one on the nose Scotty.
The simple answer is that we don't know how much of the value of Piskanja will get back to shareholders until we see the fine print of the financing agreement(s).
If EV might give away half of Piskanja to finance the mine. Half of $4B is $2B, 10% of that is $200M, on 200 M shares makes $1.00/share.....(I did say might give away not will give away).
Truth is, no one knows, that's why the SP is where it is today.